Close Close

Do you feel safe travelling by rail (only if necessary) under the current guidelines? 

View the poll

First’s revenue falls, but profits continue to grow

FirstGroup reports that its profits rose by 70% to £33.3 million in the six months to September 30, compared with £19.6m in the same period last year.

However, revenue fell by 10.9% from £3,300.7m to £2,941.1m, as First continues with its “multi-year transformation programme”. And net debt fell 3.0% from £1,446.8m to £1,403.2m, the company said in announcing its half-year results on November 5.

UK Rail revenue was £1,155.6m in the six months to September 30 2014, with an operating profit of £40.0m and a margin of 3.5%. In the same period in 2013, these figures were £1,395.2m, £25.8m, and 1.8% respectively.

The fall in revenue is principally attributed to a reduction in the subsidy from the ScotRail franchise, brought about by a similar change to the track access charges paid, and the end of revenue support arrangements at First Great Western and First Capital Connect. Like-for-like revenue grew by 6.5%.

  • For more information, see RAIL 762, published November 26

Comment as guest

Login  /  Register


No comments have been made yet.

RAIL is Britain's market leading modern railway magazine.

Download the app

Related content